The US Lancets Market will be driven by the growing demand for Uniform Medical Coding System during the forecast period 2021-2026

Expert Market Research’s new report titled ‘United States Lancets Market Report and Forecast 2021-2026’, gives an in-depth analysis of the United States Lancets market, assessing the market based on its segments such as type of product, application and end. Use among others. The report tracks the latest industry trends and studies their impact on the overall market. It also assesses market dynamics, covering key demand and price indicators, as well as market analysis based on SWOT and Porter’s Five Forces models.

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Key highlights of the report include:

Market Overview (2016-2026)

  • Historical market size (2020): 227 million USD
  • Forecast CAGR (2021-2026): 9%

One of the most popular medical procedures is the diagnostic blood test, which accounts for 70-80% of all medical choices. Many companies are developing new, safer, simpler and more efficient methods of collecting blood samples. Owing to features like maximum skin piercing force and minimum wound area, the advent of high-speed lancing devices is fueling the expansion of the market. These gadgets help patients feel better by reducing pain and speeding up wound healing. For its large patient base and favorable payment regulations, the United States is an important regional market for lancets internationally. The region’s market growth has been aided by steady product introductions, as well as an increase in healthcare spending in the region. According to the International Diabetes Federation, the region accounts for 43% of all diabetes-related healthcare expenditure. The expansion of the lancet sector in the region has been fueled by a growing awareness of self-health and the high costs of diagnosis in hospitals. The huge presence of major industry players in the region further helped the market.

Industry definition and major segments

Lancets, also known as blood lancets, are medical devices used to diagnose conditions such as diabetes, hyperlipidemia, and dyslipidemia. They feature a double-edged blade and are used to penetrate the skin to take blood samples, like a scalpel. Diabetic patients frequently use these lancets to check their blood sugar or to take capillary blood samples. The use of disposable lancet reduces the risk of blood transfusion and transmission of infections, driving the growth of the market. However, in poorer countries, the limited knowledge of home lancets is expected to stifle market growth. Moreover, favorable regulatory environment has a beneficial influence on the growth of the lancet market, which translates into exciting opportunities in the near future.

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Based on product types, the market can be segmented into:

  • Standard lancets
  • Safety Lancets
  • Vacuum lancets

On the basis of application, the lancet market in the United States is segmented into:

  • Hemoglobin test
  • Coagulation test
  • Others

On the basis of end uses, the lancet market in the United States can be categorized into:

  • Hospitals and Clinics
  • Blood banks
  • Home care settings
  • Others

Market trends

The demand for lancets has steadily increased. This demand is the result of the increase in the elderly population, combined with the increase in cases of chronic diseases. The market is propelled by increasing instances of diabetes, higher awareness of self-health monitoring, and wide availability of the products. Growing inclination for home care, rising healthcare costs, and rising rates of infectious diseases are all contributing to the expansion of the market. Additionally, increasing government spending and rapid technological advancements in the field of diabetes are two significant driving forces contributing to the growth of the industry. Many companies are investing in more efficient blood collection procedures, which will benefit the industry over the next few years. Additionally, the growing popularity of home cholesterol test kits, fueled by growing awareness of preventive healthcare, is expected to support the market growth in the future.

Main market players

Major market players include Abbott Laboratories, Becton, Dickinson and Company, Medline Industries Inc., ARKRAY USA, Inc., Roche Diagnostics Ltd., Terumo Corporation, among others. The report covers market shares, capacities, plant rotations, expansions, investments, and mergers and acquisitions, among other latest developments of these market players.

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